A Savings Account is the most basic Bank Account. It enables you to save money while earning interest on the amount deposited. You can also withdraw funds from the account anytime. Besides that, this account offers users many benefits and features that make it one of the best investment options.
Interest rates
Most banks offer depositors interest rates to keep their funds with them. This is the amount payable by the bank on the money deposited by the user. The Savings Account interest rate offered depends on the funds deposited in the accounts. Furthermore, the Reserve Bank of India's banking policies often impacts banks' interest rates. It is also worth noting that interest rates differ from one bank to another.
ATM facility
Easily withdraw money from an ATM if you have a Savings Account. Remove money from any ATM using an ATM or Debit Card. However, note that a small fee gets deducted if you withdraw money from another bank's ATM after a specific number of transactions.
Internet banking
Users of such accounts can conduct transactions online for performing different banking functions such as:
- Sending money
- Receiving money
- Paying bills
- Investing in stock markets
- Opting for insurance
- Order a chequebook
Instead of physically visiting a bank branch, all services are available online.
Account tenure
Saving Bank Account can be managed and maintained anytime, thanks to a banking app. There is no time limit on how much time the funds get handled. However, remember that if your account is inactive for two years or more, it gets classified as a Dormant Account by the banks. Then, you need to contact your bank again to activate the account.
Easy exit
You can also close your account anytime. You only need to connect to your bank's website. Remember, you cannot close the accounts online. You must physically visit your bank branch for the same. Moreover, if your account is dormant, activate it before closing it. Online Savings Account gets closed by raising a ticket via Internet Banking.
Withdrawal flexibility
This account allows a user to withdraw some money from anywhere. The bank decides the withdrawal amount and the number of times a withdrawal gets done. Most banks provide access to Bank Accounts via the app. Check with your bank if they provide you with the facility.